Monroe Academy students and parents were told at a meeting attended by over 400 on Thursday, December 18 that some $400,000 in donations was needed in order to keep the school open through the 2008-2009 school year. Headmaster Martha Krepps told the group borrowing from a bank was not an option because of the economy and the feeling was there was no business plan in place to pay it back.

The school had been in negotiations with Rock Springs Church regarding the purchase of the campus but that deal fell through.